Rental Tips For Landlords
The housing market is unstable at the moment: new buyers can't get on the ladder, existing ones know now is not the time to sell up. Hence, there are lots of people renting their properties out and lots of prospective tenants ready to move it.
Of course, it's not quite as simple as that. A lot of work needs to go in to preparing a property so that it is market ready and to ensure that you, the landlord, is protected
First and foremost, it is advisable to obtain property insurance - no matter if you own the property outright or you are a leaseholder. Having insurance will provide financial and structural security. Cover can include risks such as subsidence, liability cover and loss of rent, should there be any problems with your tenants.
Next, it is a good idea to rent via a reputable agency. You will need to pay them a fee for this, however, you will be able to hand the facilitation entirely to an expert. They will inspect the property with you, explain your responsibilities as landlord, draw up an inventory of furniture and a list of any defects and will act as the middle man between you and the tenants.
This is far preferable to being a private landlord. The agency will ensure you and the property complies with rental regulations, to ensure you won't fall foul of any disagreements and incidents with tenants at a later stage.
Thirdly, hire a storage facility. If you are renting out a furnished flat, there are bound to be items of furniture or other personal knick knacks that you don't want to risk to the care of a stranger. Put them in storage. Additionally, less is more and your love for a cosy lounge with three sofas and an armchair might appear a little overbearing and off putting to tenants, so store them too.
Lastly, make is clean and presentable. A lick of magnolia on the walls will make a property look good as new and really doesn't take much effort on your part. The work will be worth it when you secure your first tenants and the rent comes tumbling in. .
